Interest rate
1.10% p.a.(for $0 and over)
Maximum rate
5.00% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Westpac eSaver - last updated: 17 November 2023

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What's hot
  • No minimum balance
  • No account fees
What's not
  • Reverts to base rate of 1.10% p.a.
Mozo snapshot

If you’re ready to give your savings the boost it deserves, then major bank Westpac and its eSaver savings account is worth considering. This account features a special 5.00% rate for the first 5 months for customers who open an account online as a limited time offer. For general new customers, the 54.90% maximum rate offer applies. After the first 5 months, the rate reverts to the standard 1.10% variable rate. There’s also no minimum balance required at the end of each month, allowing to make deposits at your own pace.

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Key features

Not only does this savings account feature a sweet introductory rate for new customers, which includes a 3.55% bonus rate on top of the 1.10% standard rate. There’s no monthly account-keeping fee and free, unlimited transactions available from your phone or online, as well as direct debits. Or if you prefer in-person assistance, the good news is there are no over-the-counter deposit and withdrawal fees either (just remember there is an overdrawn fee of $15). 

With this savings account, the interest is paid on the last business day of every month and there’s no minimum balance required each month. However, in order to use this account, you will need to open a Westpac Choice Account, which does require a minimum monthly deposit of $2,000.


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Who is it good for

The eSaver account is a great option for existing Westpac customers who are looking to kickstart their savings or new customers that will be able to meet the minimum deposit requirements of the Westpac Choice Account.

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Any catches

While this savings account does have a great introductory rate to help you get ahead with your financial goals, it does only last for 5 months before reverting to a rate of 1.10%. If you are going to be regularly putting money away, you might be better off with the Westpac Life Account, which has an ongoing bonus rate.


Details

Rates and fees information correct as at 21 April 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 1.10% p.a.

Balances from $0: 5.00% p.a.

Bonus rate for the first 5 months from account opening, includes 0.10% p.a. bonus interest for new accounts opened online.

Fees

$0.00

n/a

unlimited free transactions from phone and internet.

n/a

n/a

n/a

$0.00

$0.00

n/a

$0.00

$0.00

n/a

Other financial bits

$0.00

$0.00

Monthly

Features

no

n/a

no

no

no

no

no

yes

yes

no

no

Must link to a transaction account with this provider. Bonus introductory rate includes 0.10% p.a. bonus interest for new accounts opened online.

none

none

Customer Reviews

How are Westpac savings accounts rated by the Mozo community?

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Latest reviews of Westpac eSaver Savings Account

About Westpac

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2.00% p.a.(for $0 to $250,000)

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0.10% p.a.(for $0 and over)

Yes up to $250,000

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Yes up to $250,000

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5.00% p.a. (for $0 to $250,000)

0.05% p.a.(for $0 and over)

Yes up to $250,000

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High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

Yes up to $250,000

4.40% p.a.(for $0 to $250,001)

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Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

Yes up to $250,000

4.75% p.a.(for $0 to $1,000,000)

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ubank

Save Account

5.10% p.a. (for $0 to $250,000)

Yes up to $250,000

0.10% p.a.(for $0 and over)

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AMP Bank

AMP Saver Account

5.40% p.a. (for $0 to $250,000)

Yes up to $250,000

1.20% p.a.(for $0 to $5,000,000)

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First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

2.00% p.a.(for $0 to $250,000)

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Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

0% p.a.(for $0 and over)

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MoneyMAX

No Current Offer

Yes up to $250,000

4.75% p.a.(for $1 and over)

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MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

0.05% p.a.(for $0 and over)

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Reward Saver Account

0% p.a.(for $0 and over)

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

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Save Account

0.10% p.a.(for $0 and over)

5.10% p.a. (for $0 to $250,000)

Yes up to $250,000

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Bonus Saver Account

0.05% p.a.(for $0 and over)

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

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Bendigo Bank

Reward Saver

0.30% p.a.(for $0 and over)

5.25% p.a. (for $0 to $100,000)

Yes up to $250,000

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Ziggy Kids Saver

0.01% p.a.(for $0 and over)

3.01% p.a. (for $0 and over)

Yes up to $250,000

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ANZ

Progress Saver

0.01% p.a.(for $0 and over)

4.25% p.a. (for $0 and over)

Yes up to $250,000

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